Lethbridge police say they have received multiple reports of counterfeit bills in circulation in the region and have shared this image over social media to help residents who handle cash. SUPPLIED PHOTO
newsdesk@medicinehatnews.com
The Lethbridge Police Service has received multiple reports of counterfeit currency circulating in the region over the last few weeks and are reminding anyone who handles cash to exercise due diligence during transactions.
There are three easy methods to check if a bill is authentic: it’s feel, how it looks and every bill has a metallic portrait on the backside.
Police say bills should feel smooth like plastic due to the polymer paper. There should be raised ink on the large numerical value as well as the words “Bank of Canada.”
Each Canadian bill has specific features including its unique serial number and row of maple leaves along the large transparent window’s edge. When tilted, the metallic portrait should be visible and building illustration in the large transparent window should change colour.
Investment scams
During the second week of Fraud Prevention Month in Canada, the Medicine Hat Police Service is sharing tips on how to recognize and prevent becoming a victim of investment scams.
Police say fraudsters are always on the lookout to scam victims to invest their money into an established industry, newly emerging sector or other types of investment opportunities only to keep the money once obtained.
Police say residents should be wary of Ponzi or pyramid schemes that are based on investments that are not real.
Ponzi schemes are based on investments that do not exist and pyramid schemes often require investors to find other investors and get them to invest as well.
“Typically, these are created by people offering high return on money with low risk,” reads a press release. “Remember that when things seem too good to be true, they likely are.”
Police say it’s important to always ask questions and be suspicious of any high-pressure sales tactics when looking to make an investment. As well, police recommended paying close attention to any investment situation.
“Appearance and charisma are assistants to fraudsters,” the press release states.
Another emerging realm of scams occurs in crypto currency investment, which can be risky and are not controlled by governments and banks, meaning once funds have been deposited into another person’s digital wallet, there is a very low probability police will be able to complete an investigation.
Police say it’s important to seek advice from professionals before investing money and to never accept a verbal agreement.
“Always get it in writing and keep it handy.”
More information about common frauds in the province can be found online at albertacrimeprevention.com
